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20121126
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what is at stake if partisans don't figure out a way soon. bush tax cut goes away and that alone would drive taxup fo. the patches will die as well. so add in the failure of the super committee and sequestered $1.2 trillion. spending cuts of $600 billion in defense. why are we here? you can't blame revenues. americans forked over $2.3 trillion in taxes and fees last year. the taxaholics are stone cold drunk on our spending. spending is out of control. mr. president, waiting for you to stand up and show leadership. bob, haven't heard a thing. crickets. >> eric: i think you heard things. there is movement going on here. >> bob: i'm glad they're breaking away from norquist and say there is a need for revenue. i think whether that comes in form of limiting deductions to $50,000 for people making over $250,000 or -- >> eric: i can say. we will get to all of that. we'll get to the deals that may go on. where is obama's deal or his idea? his proposed, i don't know. the medicare, medicaid, reform to get the tax cuts. >> bob: there will be form of entitlement of increasing the age of retirement
. the white house is making it clear today that the president won't sign a bill that extends tax cuts for those earning $250,000 a year in social security. it will not be part of the fiscal cliff. so we are going to talk about the compromise. we have a congress and to talk about this with us. >> and you for having me cheryl: or a little bill? >> we were waiting and hoping to compromise with its administration. but they they would just never come to the table. >> these democrats want to continue spending on social programs, republicans don't want tax cuts to be touched. you think we can have compromise from both sides on each of these issues? the rhetoric that we are hearing on a television screen is pretty negative. >> he did say that we want and the republicans will reach out to less. cheryl: after the last election, the november election, it was a referendum on many republicans. some of them walked away and said, okay, we did not get the senate back, we are moving forward. our republican candidates did not win the presidency were many officers. >> people were looking round the waist
back to work but the clock is ticking. unless lawmakers make a deal, automatic spending cuts and tax increases are just a matter of only a few weeks away for everyone. i'll ask a top member of the republican leadership if there's any room for serious compromise. >>> and if you own a home, deductions that save you money every year could be changing or simply going away. we're taking a closer look. >>> and ballpoint pens that hide poison needles and poison bullets. they sound like props in a cold war era spy movie. but they're part of a real assassination plot. we have details. i'm wolf blitzer. you're in "the situation room." >>> we're just 36 days away from the painful across-the-board spending cuts and tax increases people here in washington are calling the fiscal cliff. today, we have new proof that people across the country not only are aware of what's going on, they're very, very worried. our new poll shows 68% say the country will face either a crisis or major problems if the cuts in taxes aren't avoided. and a whopping 77% say their personal financial situation will be affected
norquist's anti-tax pledge. saying they're open to letting revenues rise if democrats do their part in the budget talks. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, and republicans should put revenue on the table. i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> a pledge you signed 20 years ago, 18 years ago is for that congress. for instance, if i were in congress in 1941, i would have signed the declaration of war against japan. we're not going to attack japan today. the world has changed, and the economic situation is different. >> so peter king is telling us, mike barnicle, not only is he going soft on taxes, he's going soft on japan. >> i know. >> it's not just peter king on the taxes. it's a big step, don't you think? >> it's a big step. >> grover. yeah, grover's taking a big hit since the election. there's no doubt about it. i think john, you'd verify this. number of republicans, i've talked to a couple of united states senators who
to give in on tax changes in order to get some sort of a deal done. kelly wright joins us with more on what it means for the negotiation. we could be looking at possible tax hikes, isn't that right? >>> oo the government is on automatic pilot. that is five weeks away. for congress there is much work to be done and more compromise to be made in order to avoid the fiscal cliff. it will require give and take negotiations particularly on raising taxes but republican law americas who pledged to not vote for anything with a tax increase now appear ready to relinquish that pledge in order to avoid the looming fiscal crisis. >> when you are $16 trillion in debt the only pledge we should be making to each other is to avoid the grief and republicans should put revenue on the table. >> so everything is on the table and campaign raising taxes on the wealthy is relying on treasury secretary tim geithner. his team will works on issues like medicare even social security. they hoping to avoid a repeat over raising the debt ceiling in 2011. they hope the geithner team can reach an agreement with all
said they will back down on taxes as long as there is one condition. >> steve: this time the white house has a better idea. wait until you hear who they are bringing back to lead the negotiations. yimpt powerball jackpot. $425 million . if you think you are more likely to get struck by lightning than win it big. the guy who won eight times who has the secret. >> steve: does he have the numbers. >> brian: "fox and friends" begins now. >> steve: hi, folks, live from studio e. i am sick of turkey. and i am sick of gravy. we had it five-days. >> gretchen: i know, i have a big huge bird sitting in my refrigerator and attempt to make soup out of it later today. >> brian: so it is not alive. >> gretchen: it didn't gobble. >> brian: i went to the movies and i have another movie. >> gretchen: i saw santa claus over the weekend. >> brian: ian loves it. i will tell you in a while. >> gretchen: no. >> brian: steve, saw one of my recommendations on saturday and you feel. >> steve: i am stopping to listen wu. >> gretchen: can you tell us now. >> steve: some of his movies i like a lot. >> gretche
't act, if the president doesn't act, in unison, your taxes are going up come january 1st to help raise revenue to pay down the national debt. stay with me here for a moment because we'll show you exactly, you know, how much your taxes will be rising. but here's the thing. it doesn't have to happen, this predetermined jump in income taxes and the new parlor game on capitol hill is to pick the next republican, follow me here who is willing to break a no tax pledge made to a very powerful lobbyist, in order to cut a deal with the democrats to focus the pain of new taxes on the wealthy. see this picture? see these three guys. here is yet another republican speaking just this morning. >> i'm not obligated on the pledge. i made tennesseans aware i was just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> so republican senator bob corker is saying his oath of office trumps any no tax pledge made to washington lobbyist grover nor quist. republican saxby chambliss says he cares more about america and the fiscal mess we're in than h
more in taxes next year, coupled with $100 billion in cuts to domestic and defense spending. now, since the reagan era, most republicans have pledged not to raise taxes. as mike viqueira reports, there are signs of flexibility on both sides of the aisle. >> reporter: it's a pledge almost all republicans have signed. to oppose tax increases of any kind. that once solid wall was showing crass. >> the pledge you signed 20 years ago, 18 years ago is for that congress. the world has changed, and the economic situation is different. >> reporter: but republicans insist in return for defying party doctrine, democrats must agree that changes in social security and medicare. >> i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> reporter: activists on the left are lining up to oppose those reforms, but the president has put them on the table before. during last year's failed talks on a grand bargain and more recently in his first post-election press conference. >> we have to continue to take a serious look at how we reform our
spending cuts and expiring tax breaks just into fox, the white house spokesman, jake carney, reports president obama spoke with the house speaker boehner and the senate majority leader harry reid over the weekend. still, concerns of the crisis and the european debt crisis sent stocks down but not precipitously but down. we are seeing signs of progress in washington, dc, with rare bipartisan consensus on raising taxes on the wealthy but they remain at odds over the specifics. in other words, exactly highway do you do it. and mike emanuel is live on capitol hill. the white house is expressing putting pressure on congress. >>reporter: a report on the impact if the bush tax cuts are not extended. the study says the typical middle class family will see taxes go up by $2,200 next year affecting businesses and retailers. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries, durable goods, auto purchases. evidence like this is a reason why retailers are so concerned that con
a break the no tax pledge. that is a hopeful sign, folks, because a new cnn/orc poll shows more than two thirds of americans believe a trip over that cliff would create major problems, perhaps even a crisis. cnn political editor paul steinhauser is live from washington, d.c. this morning. nice to see you, paul. so the fiscal cliff triggers back-breaking tax hikes and massive spending cuts. you've got more numbers that show what type of budget plan americans actually prefer. >> exactly. one of the big arguments, zoraida, is should it be all spending cuts to get us there or tax increases, as well? brand-new numbers just out from cnn/orc. only about one in three say whatever deal should be struck should be just spending cuts. but almost seven in ten, two thirds of americans say the plan should include spending cuts and tax increases. our poll indicates americans are not so optimistic a deal will get done and if it doesn't get done, who gets the blame? look at this right here, about 45% say republicans in congress will be blamed if there is no deal and the country falls off the fiscal cliff.
what would happen if we went over the fiscal cliff. the combination of higher taxes and spending cuts are estimated to take 4% out of a relatively weak gdp. even if we do not and some deal is struck, the combination of eliminating the payroll tax reduction, which seems to be something the administration supports, that, together with some base broadening, would probably be at least 2% of gdp. if there is going to be a deal, it would involve spending cuts as well. even if we avoid going over the cliff, it looks like there will be substantial fiscal contractionary impact next year. in that environment, what can the fed do to try to offset that to make sure that it does not take us to the edge of ore over the edge of a recession? >> we will see what deal comes out. but you are correct that even if the most extreme scenarios are avoided, some plausible scenarios still involved relatively contractionary fiscal policies over all. i made that point in my remarks when i said that under most plausible scenarios, no matter what happens, the tightening of federal fiscal policy will outweigh the s
specifically, that's a series of tax increases and spending cuts together set to go into effect on new year's day if they cannot agree on a budget before then. president obama and congressional leaders have been talking and possibly to come this week. it's november 26th. they don't have a lot of time. peter doocy with the news from washington. >> harris, republicans and democrats alike think that closing loopholes to raise revenue is a good idea. republicans are resisting the idea that inleasing tax rates on the wealthy will steer the country away from the fiscal cliff even though suspects insist it will. >> i would be very much opposed to raising tax rates, but i believe that we can close a lot of lop holes. >> they have to go up, real or effective tax rates, there are ways of doing this and secondly, we have to gross loopholes. >> lindsey graham is okay with new revenue and willing to cap deductions to get it, but only if democrats agree to reform entitlements like social security and medicare. >> i don't expect the democrats to go for premium ouci do expect them to adjust these entitleme
according to this poll one of the forces that tax increases and spending cuts will cause a crisis. >> customers swarm stores and record numbers for the black friday deals. 247 million shoppers. and that is more this year than last year and they also spent more. with the average person spending $423. on this four day weekend, id is $59 billion and that is also up from last year. it is a pretty good weekend for retailers. 41 percent of consumers are going to purchase items online this year and the bad guys are going to ponder those shoppers. and cyber gangs.. will have new and old internet scams to hijack accounts. one half are using web browsers with out any security measures or if they do they are out of date. experts are looking for bogus coupons and too good to be true advertisements with links on social media. if you need extra holiday crash perhaps go to or arizona or organ those are the places where you can get multi-state power ball. with no winners on saturday the jackpot is $425 million. it is up for grabs and it is on this wednesday it rolled over for the 15th straight ti
Search Results 0 to 12 of about 13